Condomania in San Rafael
The realtor write-up for this San Rafael dump (2 br, 1 ba, 1152 sq ft, built in 1909) just goes to show that condomania is alive and well in Marin:Contractors!! Build 4 condos here. Has design board approval. . . Geotechnical phase 1 complete. Acoustical study complete. Ready for tentative map. Minor subdivision, exempt from most restrictions.... May be able to have more units but this is a good plan. Tear down the house to build. Value is in the land. House was rented for $1300 monthly but condition is poor... Condos will be 1 bedroom,with garage. 3 over 900 sq feet. 1 over 600 sq ft.So how much for a turn-of-the-century San Rafael POS? $699,000 asking. What a joke! Welcome to Marin. Now go home. You tried. You looked. And the rational part of your brain said "Are you freakin' crazy or what?" And your Id said "Buy it, you know you want to, you know you want to be one of the wannabe Marin aristocracy." Listen to your inner Einstein and not your inner Freud.
posted by Marinite at 4/01/2006 11:52:00 AM
1 Comments:
I don't think you read the listing very closely. It is a tear down. Now if you want to critique the math and say that you don't think you'd make any cash after buying the lot, doing the demo, getting all the plans approved, building and then selling the 4 new units...but I think the math will probably work out in the end for an experienced builder.
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